State Board of Administration of Florida Retirement System Cuts Stake in General Electric (GE)
State Board of Administration of Florida Retirement System decreased its stake in shares of General Electric (NYSE:GE) by 1.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,671,004 shares of the conglomerate’s stock after selling 136,160 shares during the period. General Electric makes up 0.8% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 16th largest holding. State Board of Administration of Florida Retirement System’s holdings in General Electric were worth $306,385,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in GE. Franklin Resources Inc. lifted its position in General Electric by 43.8% during the 2nd quarter. Franklin Resources Inc. now owns 78,024,403 shares of the conglomerate’s stock valued at $2,107,438,000 after acquiring an additional 23,764,129 shares during the period. BlackRock Inc. lifted its position in General Electric by 3.9% during the 2nd quarter. BlackRock Inc. now owns 517,315,514 shares of the conglomerate’s stock valued at $13,972,691,000 after acquiring an additional 19,422,516 shares during the period. Capital Research Global Investors lifted its position in General Electric by 18.6% during the 2nd quarter. Capital Research Global Investors now owns 91,205,460 shares of the conglomerate’s stock valued at $2,463,459,000 after acquiring an additional 14,316,281 shares during the period. Boston Partners lifted its position in General Electric by 7,892.3% during the 2nd quarter. Boston Partners now owns 14,228,611 shares of the conglomerate’s stock valued at $384,315,000 after acquiring an additional 14,050,581 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in General Electric by 1,011.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 14,632,325 shares of the conglomerate’s stock valued at $395,219,000 after acquiring an additional 13,315,605 shares during the period. 55.64% of the stock is currently owned by hedge funds and other institutional investors.
General Electric (NYSE:GE) opened at $16.77 on Friday. The company has a current ratio of 1.86, a quick ratio of 1.53 and a debt-to-equity ratio of 1.14. General Electric has a twelve month low of $16.76 and a twelve month high of $31.34. The firm has a market cap of $145,430.00, a P/E ratio of 19.50, a PEG ratio of 1.96 and a beta of 1.07.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Wednesday, December 27th will be issued a dividend of $0.12 per share. The ex-dividend date is Tuesday, December 26th. This represents a $0.48 annualized dividend and a dividend yield of 2.86%. General Electric’s payout ratio is 55.81%.
A number of research analysts recently issued reports on GE shares. JPMorgan Chase & Co. reissued an “underweight” rating on shares of General Electric in a research report on Thursday, September 21st. Vetr cut shares of General Electric from a “hold” rating to a “sell” rating and set a $23.72 price target for the company. in a research report on Monday, September 25th. Morgan Stanley lowered their price target on shares of General Electric from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Monday, October 2nd. Credit Suisse Group reissued an “outperform” rating and set a $30.00 price target (down from $33.00) on shares of General Electric in a research report on Thursday, October 5th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $26.00 price target on shares of General Electric in a research report on Thursday, October 12th. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $22.94.
In other General Electric news, Director Francisco Dsouza bought 55,000 shares of the business’s stock in a transaction that occurred on Monday, November 20th. The stock was bought at an average cost of $17.94 per share, for a total transaction of $986,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven M. Mollenkopf bought 5,500 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were acquired at an average price of $18.24 per share, with a total value of $100,320.00. Following the completion of the transaction, the director now directly owns 5,500 shares of the company’s stock, valued at approximately $100,320. The disclosure for this purchase can be found here. Insiders have bought 120,500 shares of company stock valued at $2,183,220 over the last three months. 0.36% of the stock is owned by corporate insiders.
About General Electric
General Electric Company is a global digital industrial company. The Company’s products and services range from aircraft engines, power generation, and oil and gas production equipment to medical imaging, financing and industrial products. Its segments include Power, which includes products and services related to energy production; Renewable Energy, which offers renewable power sources; Oil & Gas, including liquefied natural gas and pipelines; Aviation, which includes commercial and military aircraft engines, and integrated digital components, among others; Healthcare, which provides healthcare technologies in medical imaging, digital solutions, patient monitoring and diagnostics, and drug discovery, among others; Transportation, which is a supplier to the railroad, mining, marine, stationary power and drilling industries; Energy Connections & Lighting, which includes Energy Connections and Lighting businesses, and Capital, which is a financial services division.
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